Venture Is Binary: Why VC Math Breaks Good Businesses
“In the VC's world, you're either 0 or you're a billion dollar company. This isn't because they are evil, it's just the nature of the game.”
What this teaches
Wilkinson, who built Tiny to hundreds of millions in revenue without VC, explains the structural problem with venture money: in the VC's portfolio math you're either a zero or a billion-dollar company, which forces risky bets on companies that could have been excellent linear businesses.
Why it matters
The clearest short articulation of the take-VC-or-not decision from someone who won by not taking it; a needed counterweight in any fundraising library.
Key lessons
- VC portfolio math dictates founder advice, not malice
- Many good companies are not venture-shaped
- Choose your capital structure to match the business you want
This is an editorial summary. The full thread, and the credit, belongs to Andrew Wilkinson.
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